2 / Corporate Fact Sheet

Corporate Fact Sheet

WesternZagros is a publicly-traded, Calgary-based, international oil and gas company engaged in

acquiring properties and exploring for, developing and producing crude oil and natural gas in the

Kurdistan region of Iraq. As only the fourth international company to enter Kurdistan,

WesternZagros was able to hand-pick its exploration block in 2005, recognizing the potential for a

huge light oil resource base in what is now one of the world’s hottest exploration spots. The

company holds a 40% working interest in two Production Sharing Contracts (PSCs), both of which

are on trend with, and adjacent to, a number of prolific historic oil and gas discoveries.

WesternZagros has drilled two exploration wells resulting in two significant discoveries, for a 100%

success rate.

2 / Corporate Fact Sheet

Map 1: Leads and prospects on the Kurdamir and Garmian Blocks

Financial Snapshot (February 7, 2012)

Symbol / Exchange: WZR / TSX Venture Exchange First Listed: October 22, 2007 Basic Shares Outstanding: 371.2 million Director & Officer Ownership: 6.5% Market Capitalization: $293 million CDN Average Daily Trading Volume (3 mo): 1.0 million Working Capital: $66.4 million US (as at Sept 30, 2012) Headquarters: Calgary, Canada

Oil and Gas Resources

Audited prospective resource estimates on WesternZagros’s exploration blocks total 2.3 billion barrels of oil, or 3.6 billion barrels of oil, gas and condensate. These numbers represent combined mean estimates of gross unrisked prospective resources on the company’s PSC Lands, as illustrated in Map 1 and Table 1.

Current exploration activities are targeting prospective resources of over 1 billion barrels of oil equivalent by June 2012 (includes the Sarqala-1 oil discovery and the Mil Qasim-1 and Kurdamir-2 wells).

Tables 1(a) and 2(a)

Gross Unrisked

Contingent Resources (2)

Kurdamir and Garmian

Blocks Oil, Gas and Condensate

Play / Prospect Mean Estimate Oil Only MMbbl

Mean Estimate MMBOE MMbbl

Kurdamir Block

Kurdamir 30 227

Garmian Block

Sarqala 24 31

Total Contingent Mean Estimate 54 258

Tables 1(b), 2(b), and 4

Gross Unrisked

Prospective Resources (3)

Kurdamir and Garmian

Blocks Oil, Gas and Condensate

Play / Prospect Mean Estimate Oil Only MMbbl

Mean Estimate MMBOE MMbbl

Kurdamir Block

Kurdamir 585 825

Garmian Block

Upper Fars Fault Trap Play 705 798

Upper Fars Baanoor Saddle Play 120 282

Zardi Complex (Zardi, Sergdan, Tilako) 233 649

Chwar 25 36

Alyan 17 34

Mil Qasim 106 121

Sarqala 296 463

Baran 116 292

Qulijan 86 183

Sub Total Kurdamir Block 585 825

Sub Total Garmian Block 1,704 2,858

Total Prospective Mean Estimate 2,289 3,683

Table 1: Prospective and contingent resources audited by Sproule International Limited. Please refer to the Company’s Material Change Reports dated December 16, 2010, January 17, 2011, February 22, 2011, July 19, 2011 and September 7, 2011 for further disclosure and explanation of

contingent and prospective resources.

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). These estimates have not been risked for the chance of development. There is no certainty that the contingent resources will be developed and, if they are developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the contingent resources. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery (geological chance of success) and a chance of development (economic, regulatory, market and facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. There is no certainty that any portion of the prospective resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the prospective resources. Prospective resources are undiscovered resources that indicate development potential in the event the discovery is commercial and should not be construed as reserves or contingent resources. Barrels of oil equivalent (BOEs) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl has been used and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

3 / Corporate Fact Sheet

Mil Qasim well site – November 2011

Operations

The Kurdamir and Garmian PSCs each govern separate contract areas. WesternZagros holds a 40% working interest in both PSCS. The Kurdamir contract area (340 square kilometres) is operated by Talisman, with a 40% working interest. The Garmian contract area (1,780 square kilometres) is operated by WesternZagros. The KRG holds a 20% working interest in both PSCs. Under the terms of the company’s PSCs, the schematic illustrates the sharing of oil. Under the PSC terms, the contractor’s portion of “Profit Oil” is based on a sliding scale from 35% to 16% depending on the R-Factor. The R-Factor is established by reference to the ratio of cumulative revenues over cumulative costs. When the ratio is below one, the contractor is entitled to 35% of the Profit Oil. The contractor’s percentage is then reduced on a linear sliding scale to a minimum of 16% when the ratio equals two or greater.

Highlights

100% drilling success – 2 wells and 2 discoveries

In October 2011, transitioned from an exploration to an exploration and production company now producing over 5,000 barrels per day of light oil from the extended well test of our Sarqala-1 well. Gross production to the end of December totaled 124,000 barrels of oil that was sold and trucked on the domestic market. The company received $12.9 million for crude oil sales to the end of December.

In October 2011, spudded the step out exploration and appraisal well, Kurdamir-2, targeting the Oligocene, Eocene and Cretaceous reservoirs.

In October 2011 closed a strategic investment with the Abu Dhabi National Energy Company PSCJ (TAQA) for proceeds of Cdn$46.6 million.

In June 2011, WesternZagros announced a significant oil discovery that flowed 40 degree API oil at rates of over 9,000 b/d from the Sarqala-1 well.

Next Steps: February 2012

Drilling: The company is currently testing the Upper Fars Reservoir in its third well Mil Qasim-1. Mil Qasim-1 is located on the Garmian Block, only 3 kilometers away from the Sarqala-1 discovery. Test results from the Oligocene reservoir in the Kurdamir-2 well anticipated by end of Q1 2012. Currently preparing to enter the Oligocene reservoir after setting the second casing string at 1,785 metres.

Loading gantry at our facility at Sarqala-1 well showing tankers Ready to load the 40 degree API oil to truck to the local market

4 / Corporate Fact Sheet

Kurdamir-2 well site – October 2011

Production: The company is evaluating results from the extended well

test to plan to increase production beyond 5,000 barrels by second half of 2012.

Corporate: The company takes a conservative approach to

financing, resource reporting and drilling. Western Zagros only quotes resource numbers as recoverable estimates rather than in place numbers, and numbers quoted have been independently audited by Sproule International Limited.

Corporate Social Responsibility

WesternZagros aspires to be an industry leader with respect to corporate social responsibility. The four key corporate social responsibility focus areas in the PSC Lands of Kurdistan are local employment, water supply, education and health care. Executive Management Team Simon Hatfield Chief Executive Officer Greg Stevenson Chief Financial Officer Dr. George Pinckney VP Exploration and Reservoir Development Ian McIntosh VP Kurdistan Business Unit Lee Westermark GM Operations Tony Kraljic Sr. Manager JV and Corporate Planning

Board of Directors David Boone President & CEO, Barrick Energy Inc. David Cook Executive Officer and Head of Upstream, TAQA Fred Dyment Chairman, WesternZagros Resources Ltd. John Frangos Independent Businessman Simon Hatfield CEO, WesternZagros Resources Ltd. James Houck President and CEO, The Churchill Corporation Randall Oliphant Executive Chairman and Director, New Gold Inc. William Wallace Independent Businessman

Analysts Contact GMP Ryan Savage 403 543 3584 Macquarie Research David Popowich 403 539 8529 Schachter Asset Management Josef Schachter 403 264 4413 Peters & Co. Kam Sandhar 403 261 2230 Raymond James Rafi Khouri 403 509 0560 RBC Capital Markets Al Stanton 44 131 222 3638 Scotia Capital Gavin Wylie 403 213 7333 Stifel Nicolaus David Dudlyke 44 20 3205 3607 TD Securities Wael Halaoui 403 292 2804 Toll Cross Securities Inc. Eleanor Barker 416 365 7028 UBS George Toriola 403 695 3634

A 3D seismic appraisal program and a two rig drilling program are the focus for the second half of 2012. During the first half of 2012, the company is planning, designing and procuring the long lead materials and services for the 3D appraisal program, an appraisal well on Sarqala targeting the Jeribe reservoir (“Sarqala-2”) and an appraisal and exploration well targeting the Jeribe and Oligocene reservoirs (“Hasira-1”).

Head Office: 600, 440 – 2

nd Avenue SW

Calgary, Alberta T2P 5E9 T. +1 403 693 7001 F. +1 403 233 0174 Investor Inquiries: T. +1 403 693 7017 investorrelations@westernzagros.com